Answer:
The income taxes figure of $203,000 is missing from the information provided:
The net income from the budgeted income statement is $466,520
Explanation:
The multiple step income statement differentiates operating revenue from non-operating revenue,operating expenses from one off non-operating expenses as operating gains and losses from non-operating ones
North Company budgeted income statement
Total sales revenue $2,190,100
Variable costs of sale($24*50,220) ($1,205,280)
Gross profit $984,820
Selling and administrative expenses ($305,300)
Profit before interest & taxes $678,940
Interest expense ($10,000)
Income taxes ($203,000)
Net income $466,520
